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2026-11-06
◂ Monitor NVA ASX

Nova Minerals Corp

PFS Developer · Gold · Others · United States Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.51
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$233.7M
EV
A$186.7M
Cash
A$47M
Debt
A$0
2 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-03-31
Cash A$47M Finite
Debt A$0 Net cash A$47M
Basic shares 458.3M 2026-08-31
Runway 5.65 quarters A$47.018 million cash / A$8.319 million March-quarter operating plus exploration outgoings; this historical run rate is not a September forecast.

Liquidity

Financial position

Latest accessible cash report is 31 March 2026: A$47.018 million cash and no drawn debt, with 5.65 quarters runway at March activity. US$29 million unspent restricted DoW award is not cash; September liquidity is unverified.

Capital structure

Ownership and dilution

Ordinary shares
458.3M
Fully diluted
480.1M

August Appendix 4A: 219,720,828 ASX CDIs plus 19,884,299 NYSE common shares × 12 = 458,332,416 ordinary CDI equivalents. Separate options, warrants and rights total 1,812,624 common equivalents × 12 = 21,751,488 possible CDIs; conservative fully diluted denominator is 480,083,904. CDI/common transfers are not issuance. August included 13,318 common shares from cashless exercise of 41,666 options.

Security classes5
ClassTypeQuantityStrikeExpiry
ASX CDIs, 12 CDIs per NYSE common shareOrdinary Share219.7M——
NYSE common shares expressed as 12:1 CDI equivalentsOrdinary Share238.6M——
Unquoted common-share options, various strikesOption14.9M——
Four warrant classes, CDI equivalentsOption4.5M——
Performance rights, CDI equivalentsPerformance Right2.4M——

KPI history

Operating metrics

Source values by period
Operating metric source table2
MetricProjectPeriodPeriod typeValueStatus
OtherCompanyquarter ended 31 March 2026Quarter8,319,000 AUD relevant outgoingsReported
OtherEstelle Antimony12 August 2026 point-in-timePoint In Time50 more than 50 tons stibnite-rich material moved to campReported
Company guidance1
MetricProjectPeriodLowHighStatus
Pilot Scale Military Grade Antimony Trisulfide Productionestelle_antimonycalendar 2027—— target dateCurrent

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-26

Latest annual report and technical report reviewed, with original award, Adelong and land-use announcements; underlying detailed DoW disbursement covenants and land fees were not accessible.

Nova owns 85% of AKCM and AK Minerals owns 15%; minority interest receives its share of Estelle economics. The precise original agreement date is not established by reviewed sources.

Joint Venture · Active
Counterparties
AK Minerals Pty Ltd
Applies to
Estelle Gold Project · Estelle Antimony Pilot Supply Chain · Gold · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Nova beneficial ownership: 85 %
AK Minerals minority ownership: 15 %
How it affects our valuation

No valuation treatment is available for this arrangement.

AK Minerals holds a separate 2% NSR over the Estelle property in addition to 15% JV equity; no cash flow exists yet.

Royalty · Active
Counterparties
AK Minerals Pty Ltd
Applies to
Estelle Gold Project · Estelle Antimony Pilot Supply Chain · Gold · Others
Economic direction
Burden
Period
From 2018-05-21; no end date stated
Key terms
Net smelter royalty: 2 % of net smelter return
How it affects our valuation

No valuation treatment is available for this arrangement.

US$43.4 million award to a wholly owned subsidiary for antimony development, intended over about 24 months. Disbursement conditions and full contract are not published; no assured offtake quantity or price.

Strategic Partnership · Active
Counterparties
U.S. Department of War · Alaska Range Resources LLC
Applies to
Estelle Antimony Pilot Supply Chain · Others
Economic direction
Benefit
Period
From 2025-10-01; no end date stated
Key terms
Title III restricted award: 43,400,000 USD
Unspent award at March 2026: 29,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Strategic stake and first refusal rights; no committed antimony sale, delivery, or purchase economics. Current stake and option mark are unverified.

Strategic Partnership · Unknown
Counterparties
Adelong Gold Limited
Applies to
Company-wide · Gold · Others
Economic direction
Mixed
Period
From 2025-09-09; no end date stated
Key terms
Initial Adelong subscription: 1,000,000 AUD
Antimony offtake first refusal: — right
Listed Adelong options received: 200,000,000 options
How it affects our valuation

No valuation treatment is available for this arrangement.

Land-use rights secure an industrial site for the pilot but do not constitute an operating permit or priced lease model.

Other · Active
Counterparties
Matanuska-Susitna Borough · Alaska Range Resources LLC
Applies to
Estelle Antimony Pilot Supply Chain · Others
Economic direction
Mixed
Period
From 2025-10-10; no end date stated
Key terms
Land use area: 42.81 acres
Fees and expiry: — undisclosed
How it affects our valuation

No valuation treatment is available for this arrangement.